I voted mod production instruments, because that's all I've ever done. It always seemed silly to spend the dough on a separate body and neck rather than getting something I liked then upgrading pickups and whatever. After putting the Allparts neck on my Squier P and winding up with a killer bass, I fully intend to piece together something from the ground up.
My #1 is a USACG flame maple neck & roasted mahogany J5 body.
Unusual passive electronics package that I totally understand the thought behind.
It passed thru a few hands before getting to me, it needs better shielding.
Inserts everywhere would be nice.
There's a wider range of spendy parts in 5s.